Posted on : 20-02-2012 | By : | In : The Elevation Group
If you’ve followed Mike Dillard or looked into the Elevation Group then you probably have heard talk of infinite banking. But what is infinite banking exactly? Well the purpose of infinite banking is to eliminate debt caused by accumulating interest rates for all of your purchases. You really don’t want your family to be left with that kind of debt, you would rather have some money to leave them after you’re gone. Thats where infinite banking comes in.
Infinite Banking | The Benefits of the Program
So before we go into how to do infinite banking, first we’d like to share its benefits with you courtesy of infinitebanking.org.
- Creating your own banking system using dividend-paying, permanent life insurance.
- Using available savings and cash flow to build your own “bank.”
- Capitalizing and establishing your plan.
- Using the method to finance your automobile purchases and even to finance your home.
- Expanding your system to accommodate all income through a system of banks to increase your personal wealth.
- How a business can use the concept for equipment financing.
So learning infinite banking will help to free you from the shackles of debt and accruing interest and help you to build a solid foundation of wealth for both you and your family.
Infinite Banking | How it Works
You really shouldn’t have to sacrifice the money for your retirement to pay down current debt. With infinite banking, you’ll want to open up a whole life insurance policy pretty early on in your years and make sure that its one that allows its policy holders to take out loans from their individual policies. This comes at a much lower interest rate than banks and its much simpler to manage. This is your bank and this is infinite banking.
Infinite Banking and other individualized banking systems rely on participating whole life insurance policies, which build up equity and pay dividends. Policy holders pay premiums—which vary based on the amount of the death benefit chosen, along with other factors, such as the age and health of the policy holder—into a whole life insurance policy for a period of five to seven years and let the policy increase in value. This is known as the capitalization phase.
“Generally, we try to fund most of the money into it in the first five years,” Tom McDermott, president of Asset Protectors & Advisors Group, said. “The longer you can allow it to accumulate, obviously, the more you can pull out for retirement savings, the more you can pull out for larger items.”
Infinite Banking | Okay, Why Do I Need the Elevation Group?
Now you’re probably saying to yourself, great, I understand the concept of infinite banking, so why do I need the Elevation Group? Well you may understand the basic concept of infinite banking, but pulling out the right life insurance policy, knowing how much to put in and just how much to take out can be tricky.
Inside of the Elevation Group, you’ll have access to top financial advisors that are a part of Mike Dillard’s cabinet and they will walk you through the steps of infinite banking from start to finish so that you can be confident in your knowledge of the subject and begin making money.
If you have any questions about infinite banking, feel free to leave them in our comments section.